Chevron is implementing a plan to slash costs by between $2 billion and $3 billion by the end of 2026. Chevron will slash 15% to 20% of its workforce as the oil major implements a plan to cut costs, the company announced Wednesday.

Chevron will lay off 15% to 20% of its global workforce, the U.S. oil company said on Wednesday during an internal employee town hall meeting, according to a source familiar with the matter.

Chevron will lay off 15 to 20 percent of its global workforce by the end 0f 2026, in an effort to cut costs and simplify its business.

Chevron, which is moving its headquarters to Houston, is planning to cut a significant portion of its workforce over the next couple of years.

The US oil giant’s plans could affect as many as 9000 employees, as it targets as much as $4.8 billion of structural cost reductions by 2026.

At the same time, the company is facing weak margins in its refining business, which reported a loss in the fourth quarter for the first time since 2020

Shares of Chevron (CVX) are down at the time of writing after announcing plans to cut its global workforce by 15% to 20% by next year. This

Chevron says it plans to cut its workforce up to 20%, as part of an effort to reduce costs up to $3 billion by the end of 2026. The Houston-based oil company had almost 40,000 employees worldwide at the end of 2024,